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Eastfield Resources Ltd

Publié le 08 janvier 2008

Shareholders Approve Spin Off Plan

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Tuesday, January 08, 2008
Eastfield And Lysander Shareholders Approve Spin Off Plan

Eastfield Resources Ltd. (TSX-V: ETF) ("Eastfield") is pleased to confirm that progress is being made in implementing the Plan of Arrangement to which common shares in a new company, Lorraine Copper Corp. ("Lorraine Copper") will be received by shareholders. Lorraine Copper is expected to trade on the TSX Venture Exchange (TSX-V: LCC) early in 2008. Under Plans of Arrangement approved by shareholders of Eastfield and Lysander Minerals Corporation ("Lysander") (TSX-V: LYM) the interests of the Lorraine-Jajay property optioned to Teck Cominco Limited ("Teck Cominco") (TSX: TCK.B) will be consolidated into Lorraine Copper.

The 30,658 hectare Lorraine-Jajay copper-gold property is located in north-central British Columbia in the Quesnel-Stikine Terrane and is host to alkalic porphyry copper-gold-silver occurrences. It is approximately half way between Terrane Metals Corp.'s (TSX-V: TRX) Mt. Milligan deposit and Northgate Minerals Corp.'s (TSX: NGX) Kemess mine.

William Morton, President and CEO of Eastfield stated, "We are very excited about the birth of Lorraine Copper. This transaction will allow the market to better value the Lorraine-Jajay project since it will be the first time that a single emerging junior mining entity will own a 100% interest. We are also excited about being able to focus more on existing projects that will remain in Eastfield such as the Okeover copper-molybdenum project and the new Zymo Copper-Gold-Silver project near Smithers."

Under the terms of a Participation Agreement entered into in 2005 by Eastfield, Lysander and Teck Cominco, Teck Cominco can earn a 51% interest in the Lorraine-Jajay property by completing $9 million in exploration by Dec. 31, 2010.
Teck Cominco has the option to earn a further 9% by funding and completing a feasibility study and a further 5% by arranging project financing. On the assumption that Lorraine-Jajay project results and economic considerations remain positive, Lorraine Copper will not need significant additional capital beyond what is required for corporate overhead and could conceivably proceed to mine development with a 35% interest in the project without significant additional capital.

As part of the reorganization of Eastfield and Lysander creating Lorraine Copper both companies contributed $150,000 to provide Lorraine Copper with initial operating capital of $300,000. Eastfield and Lysander will each receive 50% of the issued shares in Lorraine Copper and will distribute these shares pro rata to their respective shareholders. For Eastfield and Lysander it will be business as usual after the spin-off with each company going their separate ways with their other mineral properties

The 2007 program at Lorraine-Jajay included the completion of approximately 75 line kilometres of deep penetrating induced polarization survey and the completion of 5 diamond drill holes (1,603 metres total). Results for the 2007 program are pending. A significant drill program is anticipated for 2008.

About Eastfield Resources

Since its inception in 1987, Eastfield Resources has utilized a successful business strategy that involves securing third party exploration financing the majority of its projects. At present, Eastfield has seven projects located in British Columbia and one in Nevada. Optioned projects include Okeover, optioned by Prophecy Resource Corp. (TSX-V: PCY); Iron Lake, optioned by Avion Resources Corp. (TSX-V: AVR); and the soon to be spun-off Lorraine-Jajay, optioned by Teck Cominco Limited.


On behalf of the Board,

J. W. (Bill) Morton
President and CEO
Eastfield Resources Ltd.


Contact:
Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

 

Eastfield Resources Ltd

EXPLORATEUR
CODE : ETF.V
ISIN : CA27724D1096
CUSIP : 27724D109
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Eastfield est une société d’exploration minière basée au Canada.

Eastfield détient divers projets d'exploration au Canada.

Ses principaux projets en exploration sont CROWSNEST, HOWELL, ZYMO, KILOMETRE 26, INDATA, TONOPAH (THREE HILLS), IRON LAKE - EASTFIELD / LYSANDER et OKEOVER (EASTFIELD) au Canada.

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Présentations des Compagnies de Eastfield Resources Ltd
26/09/2007CEO Presentation
Rapports annuels de Eastfield Resources Ltd
Annual report 2007
Projets de Eastfield Resources Ltd
28/08/2013Commences Exploration at Iron Lake, BC
14/08/2012Acquires Two New Copper-Gold Projects
26/07/2012(Zymo)Announces Drilling Program Start-up on Zymo Copper-Gold Proj...
03/04/2012(Kilometre 26)Announces Distribution of Shares of Fort St. James Nickel Co...
21/02/2012(Indata)Announces New Gold and Nickel Targets at Indata
08/12/2011(Zymo)Reports Zymo Drill Results
30/11/2011(Kilometre 26)Provides Update on Drilling and Sale of Kilometre 26
12/09/2011(Kilometre 26)Announces 100% Sale of Kilometre 26 Project
25/08/2011(Zymo)Announces Commencement of Drilling at the Zymo copper-gold p...
04/08/2011(Zymo)Announces Commencement of $2 Million Exploration Program at ...
20/06/2011(Zymo)Announces Option Granted on the Zymo copper-gold project, BC...
19/05/2010(Indata)Signs Agreement to Option Out Indata Gold-Copper Project, BC
03/05/2010(Zymo)The Return of the Zymo Copper-Gold Project
14/09/2009(Zymo)Drilling at Zymo Copper-Gold Project Significantly Expands M...
27/07/2009(Howell)Drill Program Planned at Eastfield's Crowsnest and Howell Go...
15/07/2009(Zymo)Crew Mobilized to Zymo Gold Copper Project, BC
24/02/2009(Kilometre 26)Acquires Gold Property in British Columbia
07/01/2009(Indata)Intercepts 8.20 g/t Gold Over 0.3 m, 209.0 g/t Silver Over 0...
21/11/2008(Howell)Intersects 22 metres of 0.78 g/t Gold at Howell, BC
13/11/2008(Zymo)Drilling Intersects 72 Metres of 0.72% Copper and 0.54 g/t G...
09/09/2008(Zymo)Drilling Underway At The Zymo Copper-Gold Project
22/07/2008(Howell)Drilling Begins at Howell Gold Project in British Columbia
02/07/2008(Zymo)Crew Mobilized to Zymo Copper-Gold Property, BC
28/05/2008(Ok Property)Drilling Targeted at Expanding Copper-Molybdenum Resource Re...
07/04/2008(Ok Property)New Copper/ Molybdenum/ Rhenium Mineralization Intersected a...
17/01/2008(Zymo)New Copper-Gold Discovery On Zymo Property
07/01/2008(Ok Property (powell River))Announces Completion of Drilling at the Okeover Copper/Molyb...
17/09/2007(Lorraine - Jajay)Drilling Underway at Jajay-Lorraine Project
22/08/2007(Indata)Discovers New Gold Mineralization at Indata
Communiqués de Presse de Eastfield Resources Ltd
14/07/2016Eastfield Resources to Commence Field Work
29/04/2016Lorraine Copper Acquires Copper Project in BC
07/04/2016Eastfield Resources Corporate Update
16/01/2014Cambridge and Roundup invitation
17/10/2013on Recent Activities, BC
03/05/2013Outlines New Copper-Molybdenum Anomaly at Okeover
17/01/2013Cambridge and Roundup invitation
22/10/2012(Zymo)Announces Drilling on the Zymo Copper-Gold Project, BC Hole...
16/05/2012Provides Corporate Update
25/08/2011(Kilometre 26)Provides Update on Kilometre 26 Program, BC
27/05/2011(Kilometre 26)Announces Commencement of Kilometre 26 Program, BC
11/02/2010Responds to the BC Government - No Mining in the Flathead Va...
19/02/2009Shareholder Update
28/07/2008Drilling Expands the North Lake Copper-Molybdenum Zone at Ok...
13/06/2008Options Iron Lake Project
11/04/2008 Project Update and Plans for 2008
09/04/2008Eastfield/Lysander Plans Of Arrangement -- Spin-Off Of Lorra...
08/01/2008 Shareholders Approve Spin Off Plan
10/09/2007Okeover Drilling Plans
30/07/2007Releases Drill Results from Okeover Property
16/07/2007Jajay-Lorraine Project Underway
08/06/2006New property added to the Jajay-Lorraine project-2006 progra...
03/05/2006Indata project optioned to Redzone Resources Ltd.
05/04/2006(Okeover (eastfield))OK Copper-Molybdenum project agreement renegotiated
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